The Timken Co. has earned a position on Ethisphere Institute’s World’s Most Ethical Companies list for the third time since 2010. Ethisphere is an international organization focused on the advancement of best practices in corporate governance, risk, sustainability, compliance, and ethics.
This year’s list of nominations, the largest since the award’s inception in 2007, included companies in more than 100 countries and 36 industries. Ethisphere honored Timken among its 145 winners for consistent demonstration of integrity in business practices and initiatives.
“The business discipline that underpins our century of success also helps align our 20,000 employees around the core values that we live every day. Behaving ethically, with honesty, fairness, respect, and responsibility, is at the heart of our corporate culture,” says Chairman of the Board Ward J. Timken. “This honor is a tribute to our employees, who keep our powerful brand grounded in trust.”
To determine the winners, Ethisphere uses in-depth research and a multi-step analysis of companies’ business practices that includes reviewing codes of ethics, litigation and regulatory infraction histories; evaluating investment in innovation and sustainable business practices; examining activities designed to improve corporate citizenship; and studying nominations from senior executives, industry peers, suppliers, and customers.
“Ethical activity is an important part of many companies’ business models,” says Alex Brigham, executive director of Ethisphere. “We are seeing more companies be proactive and create new initiatives that expand ethics programs and cultures across entire industries. We are excited to see the 2013 World’s Most Ethical Companies take these leadership positions, and embrace the correlation between ethical behavior and improved financial performance."